What to Do When Your Aircraft is Involved in an Accident
It is no secret that accidents happen. The possibility of an accident is why you purchased an aircraft insurance policy to cover your aircraft in the first place. Of course, you hope never to have to use the policy. Still, if a situation arises that leads to aircraft damage or bodily injury to others, it can be helpful to understand how the claims process works in regards to Aviation. Our experts offer the steps involved with Aviation claims processing.
Unfortunate as it is, all aircraft insurance claims start with an accident or incident that has led to bodily injury or property damage. If you are anxious about the coming steps, contact a public claims adjuster in Central Florida for assistance.
Address any medical injuries.
This may sound like an obvious step, but you should always address injuries to yourself, passengers, or others outside of the aircraft. Contact an insurance broker or your aviation insurance company to report the loss and coordinate your next steps. Always take pictures of the damaged aircraft or scene where the loss happened. The more documentation of the damage you have, the easier the process will be.
Protect your aircraft from additional damages.
Protecting your aircraft from additional damage is a responsibility placed on you by the insurance policy. Sometimes, this involves hiring a security company to keep a close eye on the damaged aircraft to prevent theft of parts or avionics.
Government agency cooperation.
An aircraft accident requires the aircraft owner to cooperate closely with any request from the FAA, NTSB, or police. Being transparent with these authorities will make your claim process go smoothly.
Gather aircraft and pilot documentation.
It is important to get copies of your pilot logbook, your pilot's license, and any medical documentation to ensure the worthiness of your aircraft. It is also essential to gather your aircraft logbooks. An insurance claims adjuster will request copies of pilot and aircraft information. They will also ask for an incident or occurrence report to verify the details surrounding your insurance claim.
Get estimates of aircraft damage repairs.
Your insurance company will have to determine whether your aircraft is repairable economically. This requires one or more estimates for needed repairs to be obtained and turned in to the insurance company. An insurance company cannot tell you where to have an aircraft repaired because it is always your choice. Insurance adjusters are happy to make recommendations for repair facilities, but it is still your decision where to have the aircraft repaired.
Aircraft repair authorizations.
If your aircraft is economically repairable, once the final repair cost is established, your insurance company will determine the amount you are paid. The following items may reduce the final payment to you:
- Deductible.
- Repairs you authorize beyond and above the claim.
In most cases, the final document you have to provide to the insurance company before providing you with a check is called proof of loss. This document clearly spells out any details of a payment they are making to you and basic information of the loss that led to the payment.
If your aircraft is determined a total loss, your insurance carrier will arrange payment for the total insured value minus the deductible. Any entity with a financial interest in the policy, including lien holders or premium finance companies, will be included in the payment. Your insurance carrier is also entitled to the aircraft salvage. This means you will be required to provide aircraft logbooks, a completed bill of sale, and a proof of loss document before payment is processed.
